KMD A/S Due Diligence

Run due diligence on KMD A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by NEC Corporation (Japan) · www.kmd.net · 26 vendors

KMD is a leading Danish IT and software company that develops and delivers solutions to local government, central government, and the private sector. It plays a key role in Denmark's digital infrastructure.

Resilience scores

Technology vendors

Services catalogue

71 services in catalogue across 10 categories; runs on 26 sub-vendors.

Insights

Last updated 2026-10-11 · revision 11

26 direct vendors, 244 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

9 in-scope frameworks identified; showing 3.

ISAE 3000 (source) — No public evidence

This assurance standard is not mandatory but is a common way for service organizations in Europe to provide independent assurance over their control environments, particularly regarding GDPR and security.

Evidence: https://kpmg.com/ch/en/insights/reporting/isae-attestation.html, https://www.xmedicus.com/download/XMedicus-ISAE-3000-Assurance_Report-EN.pdf, https://www.ist.com/hubfs/International/IST_GROUP_AB_-_ISAE3000_REPORT_ON_INFORMATION_SECURITY_AND_DATA_PROTECTION_-_DECEMBER_2024.pdf?hsLang=en

ISO 27001 (source) — Evidence found

As an assurance framework, ISO 27001 is not legally mandated but is a standard requirement from public sector and enterprise customers for a supplier of critical IT services.

Evidence: https://www.kaseya.com/blog/iso-27001-guide/, https://www.nqa.com/en-us/certification/standards/iso-27001, https://www.kmd.net/certifications, https://medium.com/kolide/iso-27001-compliance-and-certification-what-you-need-to-know-93d7ef14be17

NIS2 (source) — No public evidence

As a large IT service management company providing critical services to the Danish public sector, KMD falls squarely within the scope of an Essential or Important Entity under the NIS2 Directive.

Evidence: https://www.highperformr.ai/company/kmd, https://www.sap.com/partners/profile/kmd, https://www.kmd.net/career/locations-denmark, https://himalayas.app/companies/kmd-a-s, https://www.kmd.net/

Financials

Three-year financials

Financial Resilience Score: 7/10

KMD A/S demonstrates solid financial resilience underpinned by its ownership by NEC Corporation, which provides full intra-group financing with no external debt as of 31 March 2024. The company's revenue base is heavily concentrated in mission-critical public-sector software and services for Danish municipalities and central government, generating sticky, multi-year contract revenue with low credit risk from large, well-known customers. KMD processes over 20% of Denmark's total GDP annually through its digital infrastructure, underscoring its systemic importance. FY2025/26 marked a clear turnaround inflection: following a difficult FY2024/25 that saw a DKK 265M operating loss driven by DKK 427M in one-time items (IT-infrastructure supplier change, software license investments, legal case reassessments), the company swung to a DKK 298M EBIT and rebuilt equity from DKK 1.47B to DKK 1.74B in a single year. Management guided a profit of DKK 150-300M for FY25/26 and delivered at the top end of that range. The solvency ratio dipped from 41.3% to 36.6% in FY24/25 before recovering. Key risks include a shrinking revenue base (down ~28% over three years from DKK 4.09B to DKK 2.96B) driven by the exit from IT outsourcing (transferred to Aeven in May 2025), heavy concentration in the Danish public sector exposing it to political and procurement cycles, elevated provisions for litigation and loss-making contracts (Other provisions jumped from DKK 53M to DKK 487M in FY24/25), and goodwill/development-asset impairment risk with DKK 679M in development projects on the balance sheet.

Key strengths: 100%-owned by NEC Corporation with full intra-group financing and no external loans, Mission-critical public-sector software processing over 20% of Denmark's GDP, Sticky multi-year contracts with large, creditworthy government customers, Strong FY25/26 turnaround: EBIT swing of ~DKK 563M year-over-year, Equity rebuilt to DKK 1.74B, highest level in at least six years, No dividend paid in FY24/25, preserving capital, Group letters of support extended to subsidiaries (e.g., Edlund A/S)

Risk factors: Revenue declined ~28% over three years (DKK 4.09B to DKK 2.96B), Loss of IT outsourcing business transferred to Aeven in May 2025, Heavy concentration in Danish public sector / municipal procurement, FY24/25 provisions for litigation and loss-making contracts surged to DKK 487M, DKK 679M in development project assets exposed to impairment risk, Solvency ratio dipped to 36.6% in FY24/25 from 41.3%, Continued revenue decline guided (5-15%) as non-strategic activities phased out

Revenue by geography

Revenue by product/service

Workforce by country

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